- GMV Minerals (TSXV:GMV) has filed for a drill permit to test the Little Hat gold target at its Mexican Hat Project in Cochise County, Arizona
- The target shares the same suite of rocks as the Mexican Hat target, which is shows an array of gold pathfinder elements in surrounding soils
- Low magnetic zones at the target are thought to represent hydrothermally altered rocks, which may indicate the presence of mineralisation
- A initial program is expected to consist of four angled drill holes
- GMV Minerals (GMV) is currently up 5.26 per cent and is trading at C$0.20 per share
GMV Minerals (TSXV:GMV) has filed for a drill permit to test the Little Hat gold target at its Mexican Hat Project in Cochise County, Arizona.
The project was initially explored by Placer Dome in the late 1980s and early 1990s. However, GMV is currently focused on developing the asset and determining the full mineral potential of the property.
In a recently updated inferred mineral resource estimate, the company reported 32,876,000 tonnes of ore grading an average of 0.616 grams per tonne of gold.
The Little Hat gold target is the second-highest topographic feature on the property after Mexican Hat, and is thought to share the same suite of rocks. Both targets feature a well-defined presence of gold pathfinder elements in surrounding soils.
Little Hat is also host to a near-surface magnetically depressed area of approximately 500 metres by 400 metres.
GMV Minerals believes that these low magnetic zones indicate hydrothermally altered rocks, which favour the destruction of magnetic iron-bearing minerals and the formation of hematite. This is considered to be a key indicator of mineralisation.
An initial program has been planned to test the Little Hat target using four angled drill holes, and is scheduled to begin upon the receipt of the necessary permits.
Ian Klassen, CEO of GMV Minerals, said the company has been planning to drill test the Little Hat target for some time.
“This target has all the same markers as its larger cousin located a few hundred meters to the north. We feel this is an excellent opportunity to extend the areas of known mineralisation within our property holdings,” he said.
GMV Minerals (GMV) is currently up 5.26 per cent and is trading at C$0.20 per share at 2:58pm EDT.